If you’re looking for a Golden Visa in southern Europe, two countries come up almost immediately: Greece and Italy. Both offer residence-by-investment programs. Both give you access to the Schengen Zone. And both have a long history of attracting international investors.
But they are not the same program — and the differences matter more than most comparison articles admit.
This guide breaks down what each country actually offers in 2026, who each one suits, and what you should be thinking about before you commit.
The basics: what each program offers
Greece runs a residence-by-investment program launched in 2013. The most common route is real estate: you buy a qualifying property, and you receive a renewable five-year residence permit that covers you, your spouse, and your children up to 21. No minimum stay requirement. Full Schengen access. After seven years of legal residence, you can apply for Greek citizenship — and with it, an EU passport.
Italy has two routes that often get grouped under the “Golden Visa” label: the Investor Visa and the Elective Residency Visa. The Investor Visa requires a minimum investment of €250,000 in an innovative startup, €500,000 in an Italian company, €1,000,000 in philanthropic projects, or €2,000,000 in Italian government bonds. The Elective Residency Visa is not technically a Golden Visa — it requires you to prove passive income of at least €31,000 per year and to actually live in Italy. There’s no real estate investment route in Italy that grants residency the way Greece’s program does.
That distinction alone changes the conversation for most investors.
Investment thresholds: what you’re actually comparing
In Greece, the real estate investment thresholds as of 2026 are:
- €800,000 for a single residential property of at least 120 sq.m. in high-demand zones: Athens, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 residents
- €400,000 for properties in mainland Greece outside Attica and smaller islands
- €250,000 for the conversion of commercial properties to residential use, or the restoration of listed heritage buildings — applicable anywhere in Greece including Athens
In Italy, there is no equivalent real estate route. If you want Italian residency and you have €500,000 or more to invest, you’re looking at company shares or government bonds — not property. If you want real estate specifically, Italy doesn’t offer a comparable investment residency path.
For investors whose goal is to hold a tangible, income-producing asset as their residency qualifier, Greece is the clearer option.
Residency requirements: who actually has to show up
This is where the two programs diverge most sharply in practical terms.
The Greek Golden Visa requires no minimum stay. You can live and work in your home country, visit Greece whenever you choose, and renew your permit every five years as long as you still own the qualifying property. Many investors go years between visits.
Italy’s Investor Visa does not impose a strict minimum stay in the way some programs do, but Italian residency cards and permits have renewal conditions that are more actively scrutinized. And if you’re pursuing Italian citizenship — which requires five years of legal residence for EU nationals or ten years for non-EU nationals — you’ll need to demonstrate genuine ties to the country. The Elective Residency Visa, meanwhile, explicitly requires you to live in Italy.
If you want European residency without disrupting your existing life, Greece offers significantly more flexibility.
Property market: where does your money do more?
When you invest €800,000 in a Golden Visa property in Athens — in Glyfada, Kifissia, or a central neighborhood with strong international tenant demand — you’re not just meeting a bureaucratic threshold. You’re buying into one of the most dynamic real estate markets in southern Europe.
Long-term rental yields in Athens currently sit between 4% and 6% annually for well-located properties. The capital value of prime Athens real estate has increased steadily as international demand grew through the Golden Visa program. And the city’s profile among international investors, diplomats, and relocated professionals creates genuine long-term tenant demand.
In Italy, real estate in Milan or Rome at equivalent price points offers broadly similar yields. But without a residency-by-investment pathway tied to the property, the investment thesis is different: you’re buying Italian property for its own sake, not as a residency qualifier.
One point worth flagging for investors timing their purchase: Greece is set to increase transfer taxes on residential property for non-EU buyers from the current rate to 15% starting July 1, 2027. For investors looking to enter the Greek market under the existing tax structure, 2026 and the first half of 2027 represent a meaningful window.
Citizenship path: where does it lead?
Greece offers a path to citizenship after seven years of legal residence. Greek citizenship means an EU passport — full rights to live, work, and study in any of the 27 EU member states, with no conditions attached.
Italy offers citizenship after ten years of legal residence for non-EU nationals (five years for EU nationals). Italian citizenship also means an EU passport with the same rights. However, reaching the ten-year threshold requires genuine residence, which sits at odds with the lifestyle flexibility most Golden Visa investors are seeking.
For investors thinking generationally — who want their children to have EU options — Greece’s seven-year path with no minimum stay requirement is substantially more accessible.
Schengen access: both work, but not equally
Both a Greek residence permit and an Italian one give you access to the Schengen Zone — 29 countries across Europe — without needing to apply for individual visas.
The practical difference is in the starting point. If you want Schengen access through real estate investment in a southern European country, Greece has a direct path. Italy doesn’t offer the same route.
Which program suits which investor?
The Greece Golden Visa suits you if:
- You want residency tied to a tangible property investment
- You don’t want to change where you live or how often you travel to Europe
- You’re looking for an income-producing asset that also serves as your residency qualifier
- You want a clear, seven-year path to EU citizenship
- You value flexibility above all else
The Italy Investor Visa suits you if:
- You want to invest in Italian companies or government bonds rather than real estate
- You’re prepared to spend significant time in Italy or even relocate
- You’re primarily interested in Italy’s cultural environment and are open to a longer residency commitment
For most investors who come to this comparison, Greece wins on flexibility, on the real estate route, and on the citizenship timeline. Italy wins if you genuinely want to build a life there.
How Greece compares across the board
This comparison is one piece of a broader picture. If you’re still narrowing down your options across European programs, it’s worth reading how Greece compares against other popular choices:
- Greece vs Malta Golden Visa: Which Is Better in 2026?
- Greece vs Portugal Golden Visa: Which Is Better in 2026?
- Greece vs Hungary Golden Visa — a detailed breakdown of Eastern European alternatives vs the Greek program
Each comparison covers investment thresholds, residency requirements, citizenship timelines, and who each program suits best. Together, they give you a complete picture of where Greece stands in the European Golden Visa landscape.
For the full overview of qualified investment options in Greece — what qualifies, where to buy, and how the application works — the Complete 2026 Guide to Real Estate for Golden Visa Greece covers the detail most investors need before making a decision.
Working with the right partner
Once you’ve decided that Greece is the right program for you, the next decision is which property — and which real estate company — to work with.
Grecoland Real Estate is recognized as one of the leading real estate companies in Greece for Golden Visa investment, with over 50 years of presence in the Athens market and thousands of completed transactions with international investors. Their team handles the full process — property selection, legal and tax registration, application submission, and permit issuance — in English, serving buyers who aren’t based in Greece and can’t be there for every step.
For investors comparing their options across qualified agencies before committing, the Top 5 Real Estate Agents for Golden Visa Greece guide provides a detailed breakdown of who’s active in the market and what each one offers.
Frequently asked questions
Can I get an Italian Golden Visa through real estate?
Not in the way Greece’s program works. Italy’s Investor Visa routes go through company investment, startup investment, philanthropic giving, or government bonds — not direct property purchase. The Elective Residency Visa allows foreign nationals to live in Italy but requires proof of passive income and actual residence, not an investment threshold.
Does the Greek Golden Visa require me to live in Greece?
No. There is no minimum stay requirement. You can maintain your existing life in your home country and visit Greece as often — or as rarely — as you choose. The permit renews every five years as long as you hold the qualifying property.
Is Italian citizenship easier to get than Greek citizenship?
For non-EU nationals, Italian citizenship requires ten years of legal residence. Greek citizenship requires seven years. Both require you to have been legally resident during that period — but the Greek Golden Visa’s lack of minimum stay requirements makes the seven-year path significantly more accessible in practice.
What is the cheapest way to get Greek residency through investment?
The €250,000 threshold applies to the conversion of commercial properties to residential use, or the restoration of listed heritage buildings, anywhere in Greece including Athens. This is the lowest entry point in the program and applies to a specific category of property.
What happens to my Greek Golden Visa if I sell the property?
The permit is tied to ownership of the qualifying asset. Selling the property before the permit renewal period ends can affect your residency status. The rules and timelines are covered in detail in the relevant guide on the Targeted platform.
